LONDON--(BUSINESS WIRE)--Jan 10, 2019-- analysts forecast the power tools market in US to grow at a CAGR of over 6% during the forecast period, according to their latest market research report.

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Technavio has released a new market research report on the power tools market in the US for the period 2019-2023. (Graphic: Business Wire)

Flexible battery system and wireless charging is one of the major trends being witnessed in the . In the US, some of the most recognized vendors in the market have introduced flexible battery systems in their power tool offerings. Power tools with a flexible battery system can be operated with a single type of battery that can produce different output voltages. It removes the need to own different types of batteries and allows the interchangeability of batteries between power tools requiring different voltage outputs. It also removes redundancy and improves the productivity of the power tool operator on a job site.

This report is available at a USD 1,000 discount for a limited time only:

According to Technavio analysts, one of the key factors contributing to the growth of the power tools market in US is the growing demand for power tools for DIY protects in US:

Power tools market in US: Growing demand for power tools for DIY protects in US

DIY projects refer to activities in which individuals such as hobbyists, residents, amateurs, or enthusiasts engage themselves in the modification, upgrading, maintenance, and rebuilding of their material possessions such as household appliances, automobiles, residences, and bicycles. Raw or semi-finished raw materials, suitable tools, and equipment with no or little assistance of professionals are used in DIY projects. Globally, majority of the DIY projects undertaken include home improvement.

According to a senior analyst at Technavio for research on tools and components, “The demand for DIY tools, including power tools, for home improvement projects is growing in the US, due to the middle-class populace seeking to improve their home spaces to ensure a better standard of living. Moreover, factors such as the high cost of professional plumbers, electricians, and mechanics is increasing the popularity of the DIY culture in the US.”

Power tools market in US: Segmentation analysis

The power tools market in US research report provides market segmentation by end-user (professional and consumer) and by technology (electric, pneumatic, and others). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The professional segment held the largest market share in 2018, accounting for nearly 73% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.

The electric segment held the largest market share in 2018, accounting for nearly 73% of the market. This technology segment is expected to dominate the global market throughout the forecast period.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystemMarket characteristicsMarket segmentation analysis

Market Sizing

Market definitionMarket size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparisonKey leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors coveredVendor classificationMarket positioning of vendorsCompetitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 01/10/2019 10:40 AM/DISC: 01/10/2019 10:40 AM

Copyright Business Wire 2019.